The CBOE put/call ratio reached 60 the previous week (and 61 last week); and the ISEE call/put ratio hit its alarm of over 200 (206) - 205 two weeks ago. My cumulative Advance/Decline number hit a stratospheric 66,465 before backing off last week; and the McClellan Oscillator reached a minus 47 this past week (-50 seems to be the normal turnaround level), and the Summation had hit 940 the previous week (+1,000 serves as its upper limit).
Bullish surveys were hitting high levels of 57 (I.I.,AAII, and Market Vane) with AAII Bears at only 17.7%; the new Barron's Panic/Euphoria chart also broke above the Panic line of -.30 for the first time at -.27, followed by -.29. And most importantly, the Bullish Percent topped out at its usual range of 74-75 stocks on Buy signals.
Technically, the Industrials also reached its Resistance level just under 10,700. Hopefully the correction will take a breather at minor Support levels of 10,420 (DJIA); 2160 (Nasdaq); and 1215-20 SPX, while the largerr stocks sit on the 200-day MA.
With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance
Subscribe in a reader
No comments:
Post a Comment